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Shareholders of Dongbu Electronics and Dongbu Hannong Chemicals Approve Merger;
New Enterprise to Provide Full Range of Foundry Services Plus Advanced Chemicals and Materials
Dongbu Electronics and Dongbu Hannong Chemicals, both publicly held Korean companies that have been operating within The Dongbu Group, today announced the approval of their merger at a special shareholders' meeting organized today by their respective boards of directors. The newly merged Bio-Semiconductor enterprise, named Dongbu HiTek Co., Ltd., will formally launch May 1, 2007 to provide comprehensive wafer foundry services as well as advanced chemicals and materials for agriculture, bioengineering, nanotechnology and semiconductor processing.
In considering new names for the merged enterprise, Dongbu HiTek was chosen to combine the well recognized "Dongbu" brand, embodying a long standing commitment to improve the quality of life through the use of cutting-edge technologies, with universally understood "HiTek" to symbolize the enterprise's goal to become globally renowned in high technology as it serves large markets with high growth potential in the bio and semiconductor fields.
The robust lineage of the newly formed Dongbu HiTek dates back to 1953 when Dongbu Hannong Chemicals was founded, and has since emerged as Korea's leading agrochemical company. Recent diversification efforts of the agrochemical leader, especially into electronic materials, was instrumental in setting the stage for its merger with Dongbu Electronics, which was founded in 1997 and became Korea's first world class foundry to extend domestic and international semiconductor manufacturing.
Moving forward, Dongbu HiTek aims to place the highest priority on achieving profitable growth as it aggressively pursues its new strategic growth initiatives. These initiatives call for rapidly establishing a stable base of operations for the synergistic fusion of cutting-edge technologies for bio and semiconductor fields.
During the general shareholders' meeting held today, the following executives were appointed registered directors of Dongbu HiTek Co., Ltd.: Dae-geun Yun, Vice Chairman of Dongbu Group's manufacturing sector; Geon-u Lee, former Ministry of Commerce, Industry and Energy Director; and Soon-dong Gwak, Deloitte Anjin LLC advisor. Moreover, the following executives were appointed members of the auditing committee: Jeong-il Kang, Korean Agricultural Village Economy Association President; Seok-hwi Park, Nongmin Newspaper President; and Soon-dong Gwak, Deloitte Angin LLC advisor.
Leveraging the collective world-class attributes from the two merged entities, Dongbu HiTek has adopted a specialized management structure to maintain a strong customer focus and global competitiveness across its three major business sectors. While Vice Chairman Dae-geun Yun will be responsible for overall management, the agricultural, material and semiconductor business sectors will be managed respectively by: Dong-cheon Cha, former Dongbu Hannong Chemicals President; Dae-jin Jeon former EVP of Dongbu Fine Chemicals; and Dr. Young-hwan Oh, former President of Dongbu Electronics.
Agricultural Sector Strategy
Plans call for expanding existing bio-businesses in microbial pesticides, organic fertilizers, artificial seedling and improved seeds, and to deliver high added-value in businesses that have promise to be new growth engines - such as bio medical supplies, agricultural distribution/marketing and health-functional food. Plans also call for expanding overseas presence (e.g. fully operating pesticide plant built in Heilongjiang, China). Domestically, the company plans to focus on developing and commercializing products that meet environmentally-friendly criteria. Competitive posture in bio-technology is expected to be strengthened via microbial pesticides as well as artificial and improved seeds.
Material Sector Strategy
Plans are underway to streamline existing business operations such as those encompassing petrochemicals, metal materials (alloy iron), electronic materials and global trading, and to focus on new high-tech materials such as those based on nanotechnology. By expanding its staff of nanotechnology experts and using advanced semiconductor processing techniques, the company expects soon to characterize new high-tech electronic materials in concert with its mid- to long-term roadmaps. Momentum has already been established in producing new semiconductor processing materials including CMP slurry (for polishing semiconductor wafers), stripper chemicals, BARC (Bottom Anti-Reflection Coating) and plastic solder ball. Such new materials are now being tested against rigorous performance, reliability and applicability criteria, demonstrating the synergy that can be expected from the newly merged enterprise.
Semiconductor Sector Strategy
Dongbu HiTek is committed to expanding its foundry business especially in providing advanced wafer processing to implement specialty functions such as those required for CMOS Image Sensor (CIS) devices. To build upon the momentum already established in serving fabless manufacturers of display and mobile handset products, the company plans to make strategic investments in technology and human resources as it focuses on enhancing competitiveness and improving profitability in these high growth markets.
About Dongbu Electronics
Dongbu Electronics provides world-class CMOS processing for system-on-chip solutions that integrate advanced logic, analog, and mixed-signal technologies. As a “Specialty Solution Partner” in high-growth markets, such as those represented by mobile handsets and flat-panel displays, Dongbu adds high value with specialized processing technologies for CMOS Image Sensor (CIS), High Voltage, Embedded Flash, and LCD Driver IC (LDI) functions. Dongbu’s collaborate-and-thrive approach is evident across the entire manufacturing spectrum. The company’s stock is publicly traded under 001830 on the Korea Stock Exchange. For more information, visit http://www.dongbuelec.com .
About Dongbu Hannong Chemical
Founded in 1953, Dongbu Hannong Chemicals has achieved significant growth over the years. Its recent diversification efforts, especially into electronic materials, has set the stage for the merger with Dongbu Electronics, Korea’s leading wafer processing foundry, which was founded in 1997. Dongbu Hannong Chemicals has been especially active in developing both new and improved materials for bioengineering, nanotechnology and semiconductor processing. The company’s commitment to expand its business into these areas is expected to follow the same patterns of success it has demonstrated in building strong market positions in agrochemicals, compound fertilizers and Ferro alloys. The company’s stock is publicly traded under 000990 on the Korea Stock Exchange. For more information, visit http://www.dongbuchemical.com .
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Dongbu Electronics Korea/Asia
Kevin Lee, +82.17.337.4698
Dongbu Electronics USA/Europe
Elizabeth Estrella-Basilio, +1-408-238-8822
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